Demand for Electricity is Pushing the Global Laminated Busbar Market Growth at 6.03%

According to a new market research report published by Inkwood Research, the Global Laminated Busbar Market is proliferating with 6.03% of CAGR over the forecasting years (2019-2027)

"Browse 28 market Data Tables and 38 Figures spread over 137 Pages, along with an in-depth TOC on Global Laminated Busbar Market Forecast 2019-2027".

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Laminated busbars are the engineered electrical components that conduct electricity for the transmission of power from the source of electric power to the load. They comprise metal with fabricated layers of aluminum or copper, and divided by thin dielectric materials that are laminated into a unified structure. Primarily, laminated busbars are used within a distribution board, substation, switchboard, battery bank, or other electrical apparatus to conduct electricity. It finds applications majorly in industries, such as power electronics, industrial, defense, transportation, electronic devices, etc.

Rise in Electricity Demand - Key Growth Attribute

Based on International Energy Agency study, the global consumption of electricity is expected to observe a hike of 40% from 2016 to 2040. However, China is expected to reign the leader board with the highest demand until 2040. The favorable reasons attributing the highest electricity demand are increasing population, shift towards automation, industrialization, smart city initiatives, etc. The United States is expected to follow China, positioned in second place in terms of electricity demand, which is projected to record around 4,570 TWh until 2040. Also, economies like India, the European Union, Southeast Asia and others would observe a significant increase in the total electricity demand till 2040. To accomplish such a huge demand, laminated busbars would be highly adopted to ensure proper electricity generation and distribution.

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Silicon Carbide & Power Electronics - Leading End-user of the Market

Power electronics and silicon carbide lead the end user segment of the global laminated busbar market. The increased adoption of motor drives, electric vehicles and hybrid electric vehicles is generating demand for power stacks. The use of advanced power electronics techniques, like DC distribution networks and efficient power amplifiers based on wide bandgap semiconductors, such as silicon carbide, may result to ~10% reduction of the required energy in the data centers and ~30 % of electrical energy savings in Radio Base Stations (RBS). As the global trends encourage greener energy with added standards and stringent regulations, efficient switching devices such as silicon carbide devices are witnessing demand in numerous markets, from transportation to solar manufacturing. Also, switching of SiC devices can surpass several 100s of kHz as compared to silicon devices and offers considerable improvements in efficiency using a laminated busbar.

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Europe - Dominant Region in the Global Market

Europe leads the global market by capturing the largest share in 2018. The regional market is primarily driven by a high share of renewable energy in power mix, coupled with a growing customer base for electric vehicles and stringent policy directives to bring power efficiency in the energy sector. The energy efficiency directive by the European Union has established a set of binding rules for countries of the European Union to use energy more efficiently at all the stages of energy chain (production to consumption) and aims to achieve 20% energy efficiency by 2020. Furthermore, since laminated busbars are critical components in a power circuit that can help to bring efficiency in distribution change and integrate alternative sources of energy, its demand is expected to rise significantly.

Global laminated busbar market is highly competitive with the presence of international players dominating the market. Major companies are engaged in research and development activities to make their products cost effective for consumers. They are also trying to compete with each other by providing the same features at competitive prices. Therefore, companies are focusing on developing new product development, collaborative research, and partnering with companies to explore the full potential of laminated busbars, which is also fueling the competition. Some of the noted players in the market include OEM Automatic Ltd., SUN.KING Power Electronics Group Limited, Rogers Corporation, Storm Power Components, Zhuzhou CRRC Times Electric Co. Ltd., and others.

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